European Market Outlook - 9 June 2021
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Templeton Global Equity Income Fund August 31, 2021
FTIF - Templeton Global Equity Income Fund August 31, 2021 FTIF - Templeton Global Equity August 31, 2021 Income Fund Portfolio Holdings The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio Holdings Release Policy and is "as of" the date indicated. This portfolio data should not be relied upon as a complete listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio holdings data of over-the-counter derivative investments such as Credit Default Swaps, Interest Rate Swaps or other Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete portfolio data can be found in the semi- and annual financial statements of the fund. Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date B4TX8S1 AIA GROUP LTD 70,295 $839,367 1.10% N/A N/A 012653101 ALBEMARLE CORP 7,404 $1,752,822 2.31% N/A N/A 025816109 AMERICAN EXPRESS CO 12,293 $2,040,146 2.68% N/A N/A BYPBS67 ARCELORMITTAL SA 14,303 $479,701 0.63% N/A N/A 0989529 ASTRAZENECA PLC 11,321 $1,323,868 1.74% N/A N/A 084670702 BERKSHIRE HATHAWAY INC 2,308 $659,557 0.87% N/A N/A 09857L108 BOOKING HOLDINGS INC 520 $1,195,828 1.57% -
Response: Just Eat Takeaway.Com N. V
NON- CONFIDENTIAL JUST EAT TAKEAWAY.COM Submission to the CMA in response to its request for views on its Provisional Findings in relation to the Amazon/Deliveroo merger inquiry 1 INTRODUCTION AND BACKGROUND 1. In line with the Notice of provisional findings made under Rule 11.3 of the Competition and Markets Authority ("CMA") Rules of Procedure published on the CMA website, Just Eat Takeaway.com N.V. ("JETA") submits its views on the provisional findings of the CMA dated 16 April 2020 (the "Provisional Findings") regarding the anticipated acquisition by Amazon.com BV Investment Holding LLC, a wholly-owned subsidiary of Amazon.com, Inc. ("Amazon") of certain rights and minority shareholding of Roofoods Ltd ("Deliveroo") (the "Transaction"). 2. In the Provisional Findings, the CMA has concluded that the Transaction would not be expected to result in a substantial lessening of competition ("SLC") in either the market for online restaurant platforms or the market for online convenience groceries ("OCG")1 on the basis that, as a result of the Coronavirus ("COVID-19") crisis, Deliveroo is likely to exit the market unless it receives the additional funding available through the Transaction. The CMA has also provisionally found that no less anti-competitive investors were available. 3. JETA considers that this is an unprecedented decision by the CMA and questions whether it is appropriate in the current market circumstances. In its Phase 1 Decision, dated 11 December 20192, the CMA found that the Transaction gives rise to a realistic prospect of an SLC as a result of horizontal effects in the supply of food platforms and OCG in the UK. -
Notice of De-Designation of Ocado Group Plc from the Groceries (Supply Chain Practices) Market Investigation Order 2009
21 January 2020 Notice of De-designation of Ocado Group plc from the Groceries (Supply Chain Practices) Market Investigation Order 2009 Introduction and background 1. The Competition Commission (CC) published its final report on the Market Investigation into the supply of groceries in the UK on 30 April 2008.1 The CC found adverse effects on competition arising in several areas including the potential exercise of buyer power in relation to suppliers of grocery retailers, and concerns regarding the use of restrictive covenants in concentrated local markets. To address the first of these concerns, the CC implemented the Groceries (Supply Chain Practices) Market Investigation Order 2009 (the Order). The Order listed, at Schedule 2, the initial ten groceries retailers to whom the Order applied. Subsequently, in November 2018, two further retailers were designated, including Ocado Group plc.2 2. Pursuant to a corporate restructuring, in particular the creation of a joint venture with M&S Holdings Ltd, Ocado Group plc no longer carries out the retail supply of Groceries in the UK such that it no longer meets the £1bn turnover threshold for designation under the Order and nor does it have sole control over the Ocado entity which does meet the threshold. The retail activities are now carried out by Ocado Retail Ltd and on 16 October 2019, the CMA designated Ocado Retail Ltd under the Order. 3. Following that designation, a review under s162 of the Enterprise Act 2002 was launched to determine whether Ocado Group plc should cease to be a designated retailer under the Order. 4. -
Boom Or Bust?
Boom or Bust? What is a Share? Stock markets The ownership of a limited company is These are places where investors can sell their stock in a divided up into equal parts called company to people all over the world. They may choose to shares. Whoever owns one or more of reinvest their money into another company. If they sell the these is called a shareholder. shares for more than they originally cost then they make money! Equally if the price go down and you sell the shares you lose money! FTSE 100 The footsie’s official name is the Financial Times Stock Exchange (FTSE) 100 Index. It is essentially a list of the 100 largest companies listed on the London Stock Exchange. You will have heard of lots of these companies E.g. Coke-cola, JD sports, Just eat takeaway, Sainsbury Risk vs reward Investing in the stock market is very risky the prices of stock change dramatically. Fortunes can be made when markets are rising this is known as a Bull market. Equally World events can wipe millions of £ of the value of the market in a matter of days this is known as a Bear market. 2008 – The house bubble bursts it affected banks and financial 2000 – The technology institutions who were betting on the dot.com bubble bursts continued increase in home prices. 2020 Coronavirus pandemic Excellence Programme instructions – pick one or both of the tasks below Task A: Market Research: Pick 5 companies and research how their price has changed over the last 12 months, look at the trend in the stock price is it generally rising, failing or all over the place. -
Annex 1: Parker Review Survey Results As at 2 November 2020
Annex 1: Parker Review survey results as at 2 November 2020 The data included in this table is a representation of the survey results as at 2 November 2020, which were self-declared by the FTSE 100 companies. As at March 2021, a further seven FTSE 100 companies have appointed directors from a minority ethnic group, effective in the early months of this year. These companies have been identified through an * in the table below. 3 3 4 4 2 2 Company Company 1 1 (source: BoardEx) Met Not Met Did Not Submit Data Respond Not Did Met Not Met Did Not Submit Data Respond Not Did 1 Admiral Group PLC a 27 Hargreaves Lansdown PLC a 2 Anglo American PLC a 28 Hikma Pharmaceuticals PLC a 3 Antofagasta PLC a 29 HSBC Holdings PLC a InterContinental Hotels 30 a 4 AstraZeneca PLC a Group PLC 5 Avast PLC a 31 Intermediate Capital Group PLC a 6 Aveva PLC a 32 Intertek Group PLC a 7 B&M European Value Retail S.A. a 33 J Sainsbury PLC a 8 Barclays PLC a 34 Johnson Matthey PLC a 9 Barratt Developments PLC a 35 Kingfisher PLC a 10 Berkeley Group Holdings PLC a 36 Legal & General Group PLC a 11 BHP Group PLC a 37 Lloyds Banking Group PLC a 12 BP PLC a 38 Melrose Industries PLC a 13 British American Tobacco PLC a 39 Mondi PLC a 14 British Land Company PLC a 40 National Grid PLC a 15 BT Group PLC a 41 NatWest Group PLC a 16 Bunzl PLC a 42 Ocado Group PLC a 17 Burberry Group PLC a 43 Pearson PLC a 18 Coca-Cola HBC AG a 44 Pennon Group PLC a 19 Compass Group PLC a 45 Phoenix Group Holdings PLC a 20 Diageo PLC a 46 Polymetal International PLC a 21 Experian PLC a 47 -
Ftse4good UK 50
2 FTSE Russell Publications 19 August 2021 FTSE4Good UK 50 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Group 0.81 UNITED GlaxoSmithKline 5.08 UNITED Rentokil Initial 0.67 UNITED KINGDOM KINGDOM KINGDOM Anglo American 2.56 UNITED Halma 0.74 UNITED Rio Tinto 4.68 UNITED KINGDOM KINGDOM KINGDOM Antofagasta 0.36 UNITED HSBC Hldgs 6.17 UNITED Royal Dutch Shell A 4.3 UNITED KINGDOM KINGDOM KINGDOM Associated British Foods 0.56 UNITED InterContinental Hotels Group 0.64 UNITED Royal Dutch Shell B 3.75 UNITED KINGDOM KINGDOM KINGDOM AstraZeneca 8.25 UNITED International Consolidated Airlines 0.47 UNITED Schroders 0.28 UNITED KINGDOM Group KINGDOM KINGDOM Aviva 1.15 UNITED Intertek Group 0.65 UNITED Segro 0.95 UNITED KINGDOM KINGDOM KINGDOM Barclays 2.1 UNITED Legal & General Group 1.1 UNITED Smith & Nephew 0.99 UNITED KINGDOM KINGDOM KINGDOM BHP Group Plc 3.2 UNITED Lloyds Banking Group 2.39 UNITED Smurfit Kappa Group 0.74 UNITED KINGDOM KINGDOM KINGDOM BT Group 1.23 UNITED London Stock Exchange Group 2.09 UNITED Spirax-Sarco Engineering 0.72 UNITED KINGDOM KINGDOM KINGDOM Burberry Group 0.6 UNITED Mondi 0.67 UNITED SSE 1.13 UNITED KINGDOM KINGDOM KINGDOM Coca-Cola HBC AG 0.37 UNITED National Grid 2.37 UNITED Standard Chartered 0.85 UNITED KINGDOM KINGDOM KINGDOM Compass Group 1.96 UNITED Natwest Group 0.77 UNITED Tesco 1.23 UNITED KINGDOM KINGDOM KINGDOM CRH 2.08 UNITED Next 0.72 UNITED Unilever 7.99 UNITED KINGDOM KINGDOM -
Constituents & Weights
2 FTSE Russell Publications 19 August 2021 FTSE 100 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Group 0.59 UNITED GlaxoSmithKline 3.7 UNITED RELX 1.88 UNITED KINGDOM KINGDOM KINGDOM Admiral Group 0.35 UNITED Glencore 1.97 UNITED Rentokil Initial 0.49 UNITED KINGDOM KINGDOM KINGDOM Anglo American 1.86 UNITED Halma 0.54 UNITED Rightmove 0.29 UNITED KINGDOM KINGDOM KINGDOM Antofagasta 0.26 UNITED Hargreaves Lansdown 0.32 UNITED Rio Tinto 3.41 UNITED KINGDOM KINGDOM KINGDOM Ashtead Group 1.26 UNITED Hikma Pharmaceuticals 0.22 UNITED Rolls-Royce Holdings 0.39 UNITED KINGDOM KINGDOM KINGDOM Associated British Foods 0.41 UNITED HSBC Hldgs 4.5 UNITED Royal Dutch Shell A 3.13 UNITED KINGDOM KINGDOM KINGDOM AstraZeneca 6.02 UNITED Imperial Brands 0.77 UNITED Royal Dutch Shell B 2.74 UNITED KINGDOM KINGDOM KINGDOM Auto Trader Group 0.32 UNITED Informa 0.4 UNITED Royal Mail 0.28 UNITED KINGDOM KINGDOM KINGDOM Avast 0.14 UNITED InterContinental Hotels Group 0.46 UNITED Sage Group 0.39 UNITED KINGDOM KINGDOM KINGDOM Aveva Group 0.23 UNITED Intermediate Capital Group 0.31 UNITED Sainsbury (J) 0.24 UNITED KINGDOM KINGDOM KINGDOM Aviva 0.84 UNITED International Consolidated Airlines 0.34 UNITED Schroders 0.21 UNITED KINGDOM Group KINGDOM KINGDOM B&M European Value Retail 0.27 UNITED Intertek Group 0.47 UNITED Scottish Mortgage Inv Tst 1 UNITED KINGDOM KINGDOM KINGDOM BAE Systems 0.89 UNITED ITV 0.25 UNITED Segro 0.69 UNITED KINGDOM -
This Document Is Important and Requires Your Immediate Attention
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to what action you should take, you are recommended to seek your own financial advice from a stockbroker or other independent adviser authorised under the Financial Services and Markets Act 2000. If you have sold or transferred all of your shares in Kingfisher plc, please forward this notice, together with the accompanying documents but not the personalised proxy form, as soon as possible either to the purchaser or transferee or to the person who arranged the sale or transfer so they can pass these documents to the person who now holds the shares. Dear Shareholder Voting at the AGM Shareholders are strongly encouraged to submit a proxy vote The 2021 Annual General Meeting (the ‘AGM’) of Kingfisher plc in advance of the AGM. You can submit your proxy vote online (the ‘company’), will be held electronically and at The Royal or by returning the proxy form posted to you. Given the current College of Physicians, 11 St Andrews Place, London NW1 4LE uncertainty regarding attendance, we would urge shareholders on Wednesday, 30 June 2021 at 2:00pm. to appoint the Chair of the Meeting as their proxy rather than a named person who we would also strongly discourage from Important – AGM arrangements attending in person. Shareholders who participate in the AGM The company is continuing to monitor public health guidance electronically or in person will be able to vote in real time. All and legislation issued by the UK Government. We have prepared voting on the day will be via the dedicated online AGM platform, for this AGM based on the anticipated status of the UK https://web.lumiagm.com. -
FY20 Results
FY20 Results 1 Forward-looking statements 2 Chairman’s Overview Lord Rose 3 2020 in review Tim Steiner CEO 21 Changing the way the world shops, for good ‘We are online shopping pioneers. We continue to make the delivery of consumer’s essential groceries fit for modern lives and businesses. Our technologies, combined knowledge and 20 years of experience provide our client partners with exceptional efficiency and economics, and their consumers customer service that is among the best. Achieving this responsibly is at the very core of how we have solved complex challenges and how we will continually improve. This is achieved with minimal impact on the environment and a positive influence on the communities we serve. We are able to offer this proven ability to our client partners and deliver on shared ambitions.’ 5 21 Financial Review Andrew Page Deputy CFO 6 Financial Summary £m FY 2020 FY 2019 Var (%) Group Revenue 2,331.8 1,756.6 32.7% Group EBITDA 73.1 43.3 68.8% Depreciation, amortisation, (168.9) (136.1) 24.1% impairment Net Finance costs (52.8) (27.6) 91.3% Loss before tax (148.6) (120.4) Exceptionals 104.6 (94.1) Loss before tax (44.0) (214.5) post exceptionals 1. Revenue is online sales (net of returns) including charges for delivery but excluding relevant vouchers/offers and value added tax. The recharge of costs and associated fees to our UK Solutions clients and International Solutions clients are also included in revenue with the exception of recharges to Ocado Retail which are eliminated on consolidation 2. -
Morningstar Report
Report as of 29 Sep 2021 Artemis Alpha Trust PLC , (GB0004355946) Morningstar Rating™ Peer Group Classification Last Close Last Actual NAV (27 Sep 2021) Discount Estimated Nav Not Rated Morningstar IT UK All 434.00 458.46 -5.34 458.46 Companies Investment Objective Performance To provide long-term capital and income growth by 232 investing predominantly in listed companies and to 199 achieve a NAV total return greater than the total 166 return of the FTSE All-Share Index. 133 100 67 2016 2017 2018 2019 2020 2021-08 1.68 24.30 -11.80 35.31 16.41 12.56 Fund Management Fee Summary A management fee is calculated by 0.75% p.a. of market capitalisation is less than or equal to GBP 250m; plus 0.70% p.a. that is more than GBP 250m but less than or equal to GBP 500m; plus 0.65% p.a. that is more than GBP 500m. No performance fee will be charged. Portfolio 30/04/2021 Asset Allocation % Long Short Net Equity Style Box™ Mkt Cap % Fund America Europe Asia Large Size Stocks 102.84 0.00 102.84 Giant 19.86 Bonds 0.00 0.00 0.00 Mid Large 25.53 Cash 2.88 13.24 -10.37 Medium 32.07 Other 7.53 0.00 7.53 Small Small 8.17 Value Blend Growth Micro 14.37 Style Average Mkt Fund Cap (Mil) Ave Mkt Cap GBP 6,753.1 <25 25-50 50-75 >75 2 Top Holdings Stock Sector Weightings % Fund World Regions % Fund Name Sector % hCyclical 64.09 Americas 1.27 Dignity PLC t 8.59 rBasic Materials - United States 1.27 easyJet PLC p 7.99 tConsumer Cyclical 48.98 Canada 0.00 Frasers Group PLC t 7.19 yFinancial Services 15.11 Latin America 0.00 Delivery Hero SE 6.56 Real Estate - t u Greater -
IFRS 16 Adoption in Germany March 2019 63190
MARCH 2019 IFRS 16 ADOPTION IN GERMANY A Ranking of the Leasing Obligations of DAX Companies IFRS 16 - Adoption in Germany A Ranking of the Leasing Obligations of DAX Components MARCH 2019 BACKGROUND AND HISTORY OF IFRS 16 Starting on 1 January 2019, companies will begin to adopt the new IFRS 16 lease accounting standard published by the International Accounting Standards Board (IASB). As one of the biggest accounting changes in history, IFRS 16 will result in listed companies transferring almost €3 trillion worth of liabilities onto corporate balance sheets over the coming years. Historically, only finance leases – leases that have a similar structure to asset purchases – have been reported as assets and liabilities on corporate balance sheets. Other leases, called operating leases, were “off-balance sheet” and were accounted for using principles similar to service contracts. Following the major US accounting scandals of the early 2000s such as WorldCom, Enron, and Arthur Andersen, off-balance sheet liabilities became a major focal point for the regulatory agencies that govern the capital markets in various countries around the world. Regulators were concerned that without corporations reporting leases on balance sheets, investors and analysts did not have sufficient information to evaluate the financial position of a company or easily make comparisons between peers in the same industry. In an effort to provide greater transparency, the IASB, which defines standards for international financial reporting, introduced a new set of lease accounting standards. IFRS 16 was first published in January 2016 and will supersede the current lease accounting standard IAS 17. IFRS 16 eliminates the operating leases classification. -
Rothschild & Co Risk-Based UK Index
Rothschild & Co Risk-Based UK Index Monthly Report As of 8/31/2021 The R&CO Risk-Based UK Index provides an alternative to market-cap weighting with a risk-based approach to index construction. The strategy seeks to equalize risk contribution of index constituents and to maximize risk diversification while avoiding excessive turnover and portfolio concentration. The approach seeks to provide lower volatility, reduced maximum drawdown and higher Sharpe ratio compared with market capitalization indices over the long-term. Cumulative Index Performance Calendar Year Returns % Time Period: 1/14/2000 to 8/31/2021 Tot Ret Net TR MSCI UK Tot Ret Net TR MSCI UK 9,000 2020 -1.42 -1.44 -13.19 2009 17.96 17.95 10.24 7,000 2019 24.54 24.49 16.45 2008 4.32 4.30 -1.79 2018 -9.25 -9.28 -8.76 2007 17.30 17.29 12.22 5,000 2017 13.57 13.55 11.79 2006 21.38 21.38 27.66 3,000 2016 4.99 4.95 19.24 2005 -22.15 -22.15 -28.46 1,000 2012 11.83 11.82 -2.16 2004 5.86 5.86 6.57 2011 2.38 2.37 0.54 2003 25.62 25.62 14.62 -1,000 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2010 26.58 26.58 18.47 2002 23.25 23.25 20.09 Total Return % Index Value 1M 3M YTD 1yr 3yr 5yr 10yr Since Inception Risk-Based UK TR GBP 4,053.94 2.75 8.89 16.54 22.65 8.24 7.41 10.58 10.49 Risk-Based UK NR GBP 4,044.98 2.75 8.89 16.52 22.62 8.21 7.37 10.55 10.48 MSCI United Kingdom GR LCL 16,494.59 1.89 2.60 13.76 23.83 1.76 4.48 6.48 3.86 Risk/Returns Characteristics vs.